Ensuring people have access to the right help and advice as soon as possible is essential in stopping financial problems escalating. It is well known that being diagnosed with a health condition, such as cancer, can come with a huge and sudden financial impact.
Research by Macmillan Cancer Support found that 4 out of 5 people with cancer are impacted financially by their diagnosis, being, on average, £570 a month worse off as a result.
If financial service providers had a legal duty of care towards their customers, it would give people confidence to disclose their diagnosis, knowing that they could trust their bank to act in their best interests.
I have now written to HM Treasury to urge the Government to look closely at this issue and ensure the Financial Conduct Authority bring forward their discussion paper before Brexit and begin the process now of ensuring financial providers provide a duty of care to customers who are suffering with cancer.
Hansard link to speech – https://goo.gl/xEZica.